Since I follow American politics very closely and watched the State of the Union speech this morning, I'll say that I think he's doing excellently. Not only that, but he will do better in the future.
It's an easy situation to simplify. America faces:
1. A jobs crisis even if it gets totally out of recession.
2. Two wars that have a very dubious value, though Afghanistan may be more justified than Iraq since the Taliban probably wouldn't understand diplomacy.
3. A health care system that needs to get with the picture, since universal health care DOES work, it absolutely has in Australia, which is basically US-lite. All the claims made by Republicans against such a possibility are baseless and false. And no, it has nothing to do with Communism.
4. The shame of the US continuing to be one of the largest emitters of greenhouse gases because its energy and transport sectors are unnecessarily filthy.
5. Education becoming more difficult for the poor to pay for, especially after high school. There is a need for youth to get support through college and potentially throughout university.
The solutions are simple:
1&4. Create jobs and hit climate change simultaneously by making the green industry the most profitable and least taxed (keep regulations tight so green wash does not occur). Invest in businesses, large and small, especially those with aims the EPA evaluates as sustainable. Change reliance to sustainable long-term projects over short-term wallet bursting plans like oil. Do not expect the market to fix itself - that attitude is what killed it in the first place.
2. Get out of the Iraq War. Get out of Afghanistan in terms of military forces, but create schools and jobs there to create a cultural resistance to protectionism and independence from the outside world. In this way, you make a way for peace that will happen much later, which is more sensible than expecting anything but resentment after fighting the Taliban (who are, when all is said and done, there because there are many in the populace there who are willing to support them, not to mention enlist).
3. Get universal health care, or at least something that will benefit the lower classes, who are in a terrible situation as it is for health. America is a first world country, and it can afford to do so, just like most of the others in the first world. Those objecting because it will raise taxes really have no clue how luxurious their lives are by comparison to the second and third world, or worse, are selfish enough to make others suffer for their extra dollar a day.
4, continued. Clean up the dirty sectors by increasing regulations on their polluting. Consider a carbon tax.
5. Get some monetary aid for college students. If the budget is truly strapped then some is better than none, even if all fees being paid is preferable. Mitigating the problem is probably the best that can be done here, since the cost of this pales only in comparison to health care and security.
Obama will do, or has already started doing, all of these things. Therefore, I am absolutely certain he will be successful as a leader in governance. Whether he will win the election, sadly, is a bigger question. Unfortunately, style comes before substance in those terms, especially in a populace that has the "freedom" not to vote (and to be powerless).